(Noel Pabalate/ MANILA BULLETIN) The House of Representatives and the Senate have approved in the bicameral conference committee meeting an amendment to the National Internal Revenue Code exempting overseas Filipino workers (OFWs) who derive their income...
The Department of Energy (DOE) is batting for comprehensive review of the taxes being levied on petroleum products as well as those for electricity generation – with the end goal of scrapping taxes that are being imposed on other taxes. Energy Secretary Raphael P.M. Lotilla primarily indicated...
The Court of Tax Appeals (CTA) has cancelled and set aside the P8.04 million documentary stamp tax (DST) deficiencies for taxable year 2008 allegedly incurred by Montalban Methane Power Corporation, a firm engaged in Clean Development Mechanism Project under the United Nations Convention on Climate...
After 11 weeks of financial torment at the gasoline stations, consumers can finally heave a sigh of slight relief as oil prices will be on rollback at the pumps by Tuesday (September 26), based on the calculation of the oil companies. According to the industry players, the price of diesel products...
Albay 2nd district Rep. Joey Salceda (left), Marikina City 2nd district Rep. Stella Quimbo (Rep. Salceda's office) The top economists in the House of Representatives have aired their concerns over the proposal to suspend excise tax on fuel as a remedy to the...
The Court of Tax Appeals (CTA) has affirmed its division's ruling that cancelled the order for the payment of over P902 million taxes and compromise penalty, and more than P182 million in deficiency taxes issued by the Bureau of Internal Revenue (BIR) against Philusa Corporation, a firm engaged in...
Senate Minority Leader Aquilino “Koko” Pimentel III said that he is open to proposals of suspending the excise tax on imported oil and bio-ethanol as an immediate measure to bring down the fuel prices in the country. “The suspension of the excise tax could offer a temporary respite and serve...
The Court of Tax Appeals (CTA) has ordered the Bureau of Internal Revenue (BIR) to refund to British American Tobacco, Limited P305.8 million representing the unutilized advanced deposit in Internal Revenue Stamp Integrated System (IRSIS) and on credits for unused, spoiled, and bad order internal...
The Department of Finance (DOF) slammed the proposed removal of fuel taxes, labeling it as an ill-advised and populist measure that would disproportionately burden the poor. Finance Secretary Benjamin E. Diokno cautioned against the politicians' popular yet detrimental plan to remove value-added...
The Department of Finance (DOF) has reported that the government’s recent changes to its corporate tax system have attracted $16.7 billion in investments. At the Philippine Economic Briefing in Dubai, Finance Secretary Benjamin E. Diokno said these investments include 45 major projects and 740...
The Bureau of Internal Revenue (BIR) said heirs of deceased individuals can benefit from the estate tax amnesty program without incurring fines or penalties. They will also be shielded from criminal, civil, and administrative legal actions for late estate tax filings and payments, as...
The Court of Tax Appeals (CTA) has denied the petition filed by FCF Minerals Corporation (FCF) -- a firm engaged in the exploration, development, and commercial operation of mineral claims -- to refund the P57.8 million taxes it paid for its imported equipment. In 2009, FCF and the government...
